News From Law.com
Around 32 million private companies will have to update the Financial Crime Enforcement Network (FinCEN) about the people who own or control them under the Corporate Transparency Act, a new law aimed at curtailing money laundering that went into effect on Jan. 1. A lot of these companies are small businesses and startups as well as foreign entities with primary locations in the U.S., many of which haven't even heard of this reporting requirement, putting them at risk of fines and possible imprisonment.
Banking & Financial Services
February 07, 2024, 12:52 PM